Why and how do banks hold so much power over companies like OnlyFans? Can OnlyFans find different ways to process payments if the banks cause them issues again?

Question

Why and how do banks hold so much power over companies like OnlyFans? Can OnlyFans find different ways to process payments if the banks cause them issues again?

In: Economics

Answer 1

Visa and MasterCard are the 500lb gorillas of payments.

There’s other ways, sure, but if you don’t have one or both on board it’s going to be tough to do business.

Similar situation with Pearl Jam vs. Ticketmaster in the 90s.